bullish

Bitcoin

Resistance

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/peter-brandt-analyzes-bitcoins-resistance-levels-and-market-trends/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Peter Brandt Analyzes Bitcoin’s Resistance Levels and Market Trends</a> 
Experienced analyst Peter Brandt noted that despite a temporary increase in Bitcoin’s price, the largest <a href="https://en.coin-turk.com/arkham-labels-seized-alameda-research-funds-as-us-government-assets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> has not surpassed the critical resistance levels necessary to escape its long-term downtrend. According to Brandt’s analysis, for a bullish trend to commence, Bitcoin must not only exceed the $71,000 mark but also reach a new high above $73,808.
<h2 id="bitcoin-struggles-to-break-71-000">Bitcoin Struggles to Break $71,000</h2>
Brandt stated that the recent rise in Bitcoin’s price has not altered the prevailing downward trend of the largest cryptocurrency. Despite the temporary surge, the price failed to breach the crucial resistance level at $70,602, remaining significantly below the $73,808 level highlighted by Brandt. This situation indicates that the conditions necessary for a bullish trend reversal have not been met.
<h2 id="geopolitical-developments-impacting-bitcoin">Geopolitical Developments Impacting Bitcoin</h2>
Brandt emphasized that the structural pattern of lower highs and lower lows continues to validate the downtrend. This structure particularly suggests that without a definitive candle close above the $71,000 barrier, the current price movements are part of an ongoing downward trend.
Additionally, the escalating conflict between Israel and Iran has added complexity to the volatile Bitcoin market. On September 28, Bitcoin reached $66,508 but subsequently experienced a sharp decline, retesting the $60,000 region before stabilizing around $61,400. This drop has led investors to seek safer havens such as bonds and gold due to increasing global instability.
Real-time data shows that Bitcoin’s Relative Strength Index (RSI) hovers around 49.00, indicating a neutral market position. The recent decline of the RSI from its peak of approximately 60.59 signals a slight reduction in buying momentum, as noted by Brandt.
Chart expert Willy Woo supports Brandt’s views by indicating that Bitcoin’s medium-term structure underpins the downtrend. However, Woo is somewhat more optimistic about the gradual emergence of a bullish market, suggesting that a cooling-off period may occur before significant bullish attempts are made.
Furthermore, the MACD indicator on Bitcoin’s daily chart shows a convergence of the MACD line with the signal line, indicating a potential shift in momentum. The histogram, representing the difference between the MACD line and the signal line, is rising but remains in negative territory. This suggests that while the downward momentum may be weakening, a bullish crossover and clear upward trend for the largest cryptocurrency have yet to be confirmed.
The inability of Bitcoin to surpass critical resistance levels, combined with geopolitical tensions affecting the market, increases the likelihood of maintaining its current downtrend. Investors continue to exercise caution amid neutral signals in technical indicators and a rising uncertainty environment. For market conditions to improve, Bitcoin needs to breach established resistance levels and demonstrate clear improvement in technical indicators.
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Peter Brandt Analyzes Bitcoin’s Resistance Levels and Market Trends

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